Risk & Compliance Officer

The Risk and Compliance Officer is responsible for the effective and efficient risk assessment and regulatory compliance monitoring

The Risk and Compliance Officer is accountable for the following results:

1. Recommend measures to ensure compliance with the relevant regulations.
2. Test systems operating within the JPCCU and document non-compliance and potential risk factors.
3. Recommend and implement solutions to mitigate specified risks to the organization.
4. Contribute to the JPCCU Risk & Compliance Strategic Planning process, resulting in the updated cascaded Risk & Compliance Strategic Plan and Balanced Scorecard aligned to the organization.
5. Develop, in consultation with the Risk & Compliance Manager, annual Performance Targets aligned to the Department’s Strategic Plan and Balanced Scorecard.
6. Develop, in consultation with the Risk & Compliance Manager, own Individual Development Plan (IDP) following the Performance Review, as per the Performance
7. Contribute to determining and articulating risk appetite/tolerances for department within the organization.
8. Support the Risk and Compliance Manager and Risk Owners in identifying key risks and devising mitigating solutions based on the Board-approved risk tolerances.
9. Contribute to implementation of policies and standards aimed at mitigating the JPCCU and individual department’s risk exposures and advising each department on the required compliance programs and policies to reflect changes in the needs, activities, services, laws and regulations and related compliance issues
10. Maintain accurate and current records of all actions, decisions and documentation used to support decisions.
11. Provide advice on Risk and Compliance as requested or as deemed necessary.
12. Contribute to the preparation of the organization’s Risk & Compliance monthly performance report in the Balanced Scorecard format; then attends Department meetings to discuss performance, ensuring there are diagnoses and prognoses for any performance variances
13. Perform any other related duties, consistent with the general level, nature, functions and objectives of the job.
14. Contribute to the development and implementation of the risk & compliance infrastructure for the branches and departments within the organization, which includes:
    • Assessing risks assigned ensuring they are within agreed tolerances; then reporting any risk exceeding tolerances and making recommendations to mitigate risks above tolerances;
    • Monitoring risk mitigation recommendations and reporting on implementation;
    • Assisting with periodic Risk Assessments and reviewing schedule for the organization;
    • Identifying possible areas of vulnerability, threats or opportunities with the operating environment and making recommendations regarding same
    • Contributing to all activities involved in the implementation and monitoring of  the JPCCU’s Anti-money laundering and Counter Financing of Terrorist (AML/CFT) compliance programmes;
    • Assisting with the development of compliance initiatives and programs to ensure the JPCCU complies with legal and regulatory obligations
    • Supporting each responsible Managers to ensure compliance with statutory and regulatory requirements;
    • Assisting with the preparation of compliance regulatory filings including TPA, TTR and STR reports;
    • Monitoring and reporting on compliance with all regulatory requirements.

QUALIFICATION REQUIREMENTS

The incumbent must possess a Bachelor’s Degree in Economics, Accounting, Finance, Risk Management, Business Administration or equivalent. Have at least four (4) years’ experience in Risk Management at a financial institution.